Stays above the 1.0706 level.
The EURUSD seeing a bounce in early NY trading. The price action today has been more to the downside. The low today stalled at the 1.0723. That was well above the 1.0706 level which is the 38.2% retracement of the move down from the November election day high. The low was also above the high from last week's trading (that came in at 1.0718). So traders on the correction, kept the bullish bias technically. Good news for the bulls.
Of interest to note for traders is the price action at the 1.0706 level yesterday. Looking at the hourly chart below, the price moved above that level in early Asian trading then corrected back down toward it in early NY trading (see chart below). The holding of that level was key in helping the buyers enter and push higher.
Now the move higher today has made new highs today, BUT there is some restraint. Staying on the hourly chart, the high yesterday and again to day has been stalling near the underside of an old broken trend line (see red circles). Today's peak stalled at 1.0771 while the line was at 1.0778. Were traders leaning? Risk could be defined and limited. The line held yesterday. The price is moving higher (the line is moving higher too) but there is some resistance.
If you were to go back to the daily chart, the 1.0777 level was ALSO the swing low from Jan 21, 2016. There have been a number of swing lows/highs going back to May 2015 that find support or resistance in the area between 1.0777 and 1.0821 (see red circles in the daily chart above). That yellow area in the daily chart is the next upside targets for the pair on a rally (note the 50% is also in that area toward the top at 1.08192). Remember that level should the bullish move continue).
So for trader's today, the technical story is a bit more bullish above the 1.0718 and 1.0706 levels (I like that), but there is work to do above which may find willing sellers/profit takers (need to get above 1.0777 and stay above). PS the close from yesterday was at 1.0762. Get above that will get the pair back in the black and that is a bullish development intraday.